DENVER, CO--(Marketwired - Nov 3, 2016) - 1st NRG Corp (OTC PINK: FNRC), an exploration and production company headquartered in Denver, Colorado, is pleased to announce an acquisition which when consummated will result in the ownership of a natural gas pipeline and related assets.
The operating pipeline is approximately 300 miles long and the transaction when closed is expected to be effective as of January 1, 2017. Said the Company, "We are excited to announce this potential acquisition. These assets are the next step in our plans for future growth and expansion of 1st NRG Corp. During an exclusive due diligence period we will be negotiating a definitive purchase and sale agreement.
"Our activity has been centered upon the development of coal bed methane reserves in Wyoming where through our wholly owned subsidiary, 1st NRG Wyoming, we operate and hold a working interest in 43 producing wells and 3,059 undeveloped acres. The undeveloped acreage could be permitted for up to 36 additional locations which are characterized by what we believe to be low geologic risk, a repeatable development opportunity and are offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations.
"In 2014 we expanded our activities into a development of acreage in SE Ohio encompassing approximately 7,000 acres. We hold a 35% working interest in a development well where we are proceeding in the completion of the Beekmantown Dolomite. We currently hold 100% of the offset development rights. The pumping unit has been installed on our Ohio well and should begin producing in November 2016.
"These are exciting times for FNRC and we are actively looking at other properties, opportunities and acquisitions."
Forward-looking statements in this release are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 as amended. A statement identified by the words "expects," "projects," "plans," "feels", "anticipates," and certain of the other foregoing statements may be deemed "forward-looking statements." Although 1st NRG Corp. believes the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release.